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COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE DECEMBER 1, 2020

Tuesday, December 01, 2020 | 09:04am

NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on November 30, 2020.

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Commissioner Gonzales Announces Non-Depository Financial Institution Annual Supervision Fee for Fiscal Year 2020-2021

Wednesday, October 21, 2020 | 12:17pm

Pursuant to Tenn. Code Ann. ยง 45-1-118(i), Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today the annual supervision fee for non-depository financial institutions in fiscal year 2020-2021, effective November 1, 2020. The fee is $1,000.00 for flexible credit licensees and mortgage licensees, and $600.00 for check cashing licensees, deferred presentment licensees, premium finance licensees, industrial loan and thrift registrants, and title pledge licensees. Money transmission licensees will continue to pay licensing and examination fees as required by statute. Mortgage loan originators will continue to pay a licensing and renewal fee of $100.00 and a sponsorship fee of $100.00.

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